2026-01-06 11:28:48

The Ambitions and Disillusionment of Petro Coin

In 2018, a South American country's leader announced the issuance of the world's first sovereign digital currency, aiming directly at breaking the US dollar monopoly. This "Petro Coin" project was once highly anticipated and regarded as a trump card against economic sanctions.

The ideal was grand, but the reality was stark. Just six years later, in early 2024, the government announced the shutdown of the Petro Coin system and even issued a nationwide ban on mining.

From "nuclear weapon" to abandonment, what has Petro Coin experienced? On the surface, it appears to be a technical issue; deeper down, it involves policy swings, market liquidity exhaustion, and a crisis of trust. This case reminds us: no matter how grand the vision for digital assets, it cannot escape the realities of economic logic and political risks.

View Original

This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.

17 Likes

Reward
17
9
Repost
Share

Comment

0/400

NotSatoshi

· 01-09 08:13

Another dream of "overthrowing the US dollar," but it still ended up dying in reality.

View OriginalReply0

BuyHighSellLow

· 01-08 08:04

Another story of a "revolutionary" project ending in failure. The oil coin show is really ironic. That's why I never trust government-issued coins... Promised to break the monopoly, but ended up monopolizing themselves. Six years, brother. From nuclear weapons to mining bans. The speed is really fast. I bet 5 bucks that someone has already run away. The term liquidity exhaustion is too mild. It’s just that no one wants it... Trust is gone, and everything is gone. It reminds me of the project I once went all-in on... Never mind, I won't mention it. A blood and tears story.

View OriginalReply0

DegenRecoveryGroup

· 01-07 07:03

Haha, this is a classic case of opening high and closing low. The initial hype was sky-high, but it ended up crashing. A policy flip and everything is over; there’s no such thing as a trump card weapon. Basically, it’s a lack of liquidity—nobody is using it, brother. These kinds of projects are always a tragedy where idealism clashes with reality. In the crypto world, it ultimately comes down to political risks—it's ridiculous. Want to fight against the US dollar? First, consider whether you have the ability. Actually, this is just another way of cutting the leeks—initially fooling the public into investing, then pulling the plug all at once. Liquidity exhaustion is the real killer; without trading, everything is pointless. Policy swings—once experienced, everyone learns to be smart. Who still believes in it? What does this case show? It just proves that issuing tokens is easy, but maintaining them is hard, my friend.

View OriginalReply0

MagicBean

· 01-06 16:27

This is a typical case of "the ideal is grand, but the reality is harsh." In just 6 years, it has gone from a trump card to a laughingstock. Truly remarkable. Political risks and liquidity issues are indeed the Achilles' heel; no matter how much they hype it up, they can't save it.

View OriginalReply0

SneakyFlashloan

· 01-06 11:58

Another dream of "overthrowing the US dollar," but in the end, it was just a dream shattered. Policy changes overnight are indeed the biggest killers in the crypto world. No matter how advanced the technology is, it can't withstand leadership's whims. That's why I never trust any official currency. When they ban it, no one can save you. Fantasies are grand but skeletal; it sounds good, but in reality, no one is willing to take the risk. Can we stop always thinking of using coins to resist something? Focus on building the infrastructure first. Six years from nuclear weapons to a garbage dump—pretty fast, even more outrageous than I imagined. So, liquidity is the key. Without buyers, everything is pointless.

View OriginalReply0

MEVvictim

· 01-06 11:57

That's why I say investing in cryptocurrencies must consider political risks; having only technology and ideals is not enough. --- Another "revolutionary" project dies in reality, which is really ironic. --- Policy swings kill dreams; this is always the same old trick. --- The so-called trump card weapon ends up as an antique in the cold palace... alright then. --- Liquidity exhaustion is so heartbreaking; no one takes the risk, and everything falls apart. --- It seems that sovereign currencies can't escape the iron fist of economic logic; reality is so ruthless. --- Trying to break the dollar monopoly, but ends up collapsing first; the level of irony is almost art. --- The biggest curse in the crypto world is political risk; it's unavoidable. --- From nuclear weapons to abandoned children, six years is enough... Sigh.

View OriginalReply0

ZenZKPlayer

· 01-06 11:56

Overthinking, that's how stories in the crypto world go. A strong start followed by a decline is the norm. Rule by man + coins = dead end, nothing surprising about that. Policy flip-flops faster than flipping through a book, who can we blame? That's why I only watch and don't buy. No matter how big the waves, it's all pointless. The endgame of institutional coins is like this: once liquidity evaporates, it's all over. The US dollar's pressure is too strong. Relying on just one coin to turn things around? Dream on. I'm not surprised at all about shutting down the oil coin. If it were me, I'd run too. The moment ideals meet reality, it's time to wake up. No matter how many people believe in a coin, it's still worthless paper. Now you understand, right? So, trust is the hardest to earn, while technology is actually not a big deal.

View OriginalReply0

FreeMinter

· 01-06 11:54

Haha, isn't this the crypto version of the "Big Pie Dream"? It sounds so grand, but in the end, it still fizzles out. Policy swings are really the biggest killer; no matter how advanced the technology is, it can't withstand a leader's single word. Six years from nuclear weapons to scrap metal—that speed is truly astonishing. Anyone trying to break the dollar's monopoly won't end well; it's too naive. When liquidity dries up, people run. Trust is something that can disappear just like that. I'm already tired of government project failures; who would believe in them next time?

View OriginalReply0

BlockchainTherapist

· 01-06 11:49

Ah... another big show of "dreams to shattered dreams," really collapsing in just 6 years. When policies change, projects follow suit and fail—haven't we seen this routine enough? Sovereign digital currencies sound impressive, but without liquidity, it's all pointless.

View OriginalReply0